SpaceX Tesla Merger Could Unite $1.7 Billion Bitcoin Holdings

TLDR

• Elon Musk is exploring a potential merger involving SpaceX, Tesla, or xAI, which would consolidate nearly 20,000 bitcoin worth approximately $1.7 billion
• SpaceX holds about 8,285 BTC ($680 million) while Tesla holds 11,509 BTC ($1 billion), making the combined position the seventh-largest corporate bitcoin holding globally
• Tesla reported a $239 million after-tax loss on its digital assets in Q4 2025 as bitcoin prices fell from $114,000 to the high $80,000s
• A merger would unite these holdings under one structure but faces different accounting rules since Tesla is public and SpaceX is private
• SpaceX is considering an IPO that could value the company near $1.5 trillion, making crypto exposure part of investor due diligence

Elon Musk is exploring a potential merger between SpaceX, Tesla, or artificial intelligence company xAI. The talks have brought attention to the companies’ combined bitcoin holdings, which total nearly 20,000 BTC.

The combined position is worth approximately $1.7 billion at current prices. This would make the merged entity the world’s seventh-largest corporate bitcoin holder.

SpaceX currently holds about 8,285 bitcoin, valued at roughly $680 million. The company has maintained its bitcoin position since early 2021.

Tesla holds 11,509 BTC, worth close to $1 billion. The electric vehicle maker reported no changes to its bitcoin holdings in the fourth quarter of 2025.

The combined holdings would rank just behind Bullish, which owns CoinDesk and holds 24,300 BTC. Any merger remains in early discussions and could still fall through.

Different Accounting Rules Create Complexity

Tesla faces different reporting requirements than SpaceX because it is a publicly traded company. Tesla must follow fair-value accounting rules for digital assets.

These rules require bitcoin price changes to flow directly through earnings statements. SpaceX, as a private company, has avoided this quarterly visibility.

Tesla recorded a $239 million after-tax loss on digital assets in Q4 2025. Bitcoin prices dropped from around $114,000 to the high $80,000s during that period.

The accounting difference matters as SpaceX considers an initial public offering. The potential IPO could value SpaceX near $1.5 trillion.

Large institutional investors typically review crypto exposure during due diligence. Some investors remain cautious about digital assets on corporate balance sheets.

Tesla’s Bitcoin History Shapes Investor Views

Tesla disclosed a $1.5 billion bitcoin purchase in early 2021. The company sold a portion shortly after the initial purchase.

Tesla then sold roughly 75% of its holdings in 2022 near bear market lows. The timing of these sales has shaped how investors view Musk-linked bitcoin positions.

Neither company has announced plans to buy or sell bitcoin as part of merger discussions. The holdings represent a small fraction of daily bitcoin trading volumes.

A merger would not change bitcoin’s supply or demand fundamentals. However, it would consolidate one of the largest corporate positions under single governance.

The combined structure would affect how the position is accounted for and financed. It would also change how investors track crypto exposure across Musk’s companies.

Corporate bitcoin concentration matters as the asset faces renewed debate. Gold prices have surged and broader risk-off flows have pushed some companies toward conservative reserve strategies.

SpaceX may merge with Tesla, pair with xAI, or remain independent. The discussions show how bitcoin has become embedded in major technology firms.

The size and profile of these holdings keep investor attention high. Even when crypto is not the main headline, it remains on the balance sheet.

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